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Home My WebLink About2640 sutd mottgagu~ does he~eby tuliy wurront the title to said land, and every part thereof, and will defe~d the same .+gainst the l~,w[ul claims ot all pc~sons whomsoe~•e~. PROVIDED ALNAYS. and these p~esents are executed and delive~ed upon the fallowing conditions. to wit: The mottgago~ agrees to pay the moctgugee, o~ orde~, the p~incipal .rum o[ SEVENTEBN THOt1SMiD '1'ti10 HUNDRED FIFTY and OO~1C0•~-••-----~---•---•-•-•--••--••----•----•••••----••-•-••- Dollars (S 17~250.00 as evidenced by a note of even date herewith. with interest from date at the rate of pec ce~tum per ennum o~ the unpeid bala~ce u~til paid. The said principal and intecest shall be peyeble et the offi~e ot ~j~1'j~T~ DillVlbi i C~, 2~ 1Nst B~iY 3l~CMCs •T~i~=~t• ~A~~~i? or at such othec place as the holder ot the note may designate in w~iting, i~ monthly installments of ONE HUND[tED FOUR1'FEN and 89~100-------••-----------•• Dollars (S 114.89 coma~encing on the first d.:~ o[ September . 1971 , and on the ficst day of each month thereafter untiltheprincipal and interest are fully paid. except that the final payment of principal and interest, i[ not sooner paid, shall be due and payable on the first day ot Au$ust~ 2001. : And shall duly. promptly. and fully pectorm, discharge, execute. effect. complete, and comply with and abide 'Uy each and every the stipulations, agreements, conditions, and covenants of said pranissory note end of this mortgage. then this mortgage and the estate here~y created shall cease and ~~_!1 ared void. And the mortgagor Eurther covenants as follows: f , l. That he will pay the indebtedness. as hereinbefore provide~.1. Privilege is reserved to pay the debt in whole, or ~n an amount equai to one oc more monthly payments on the principal that are next due on the nate, on the tirst day of any month prior to maturity: Pr~~~~idcd, however. that written notice of an intention ~to exercise such privilege is given at least thirty (30) da~~s prior to prepayment; and, ~provided further. that in the event the debt is paid ln ~ [ull prior to maturity and at that time it is insured undec the ptovisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge o[ one per centum (196) of the original principel amount thereof. except ! that in no event shall the adjusted premium exceed the eggtegete amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary ot Housing and Urban Development on account of mortgage insurance. 2. That, in order more full~C, ,to protect the security of this mortgage, the mortgagor. together with. and in addi- tion to, the monthly paym~ts~u er tecros of the note secuced hereby. on the first day of each month until the ; said note is fully paid, will pay to the mortgagee the follawing sums: ~ ~a/ An amuunt sutticient to provide the holder hereo[ writh fuads to paq the ne:t mortQage insurance premium it this~iastru- ; ment and the notc secured hereby are insured, or a monthly charge (in lieu ot a mortQage insurance premium) if they •re ; heid by the Secretary ot HousinQ and Urban Development, as [ollows: i (1) It and so long as said note o( evee date and this insttument are insured or ore reinsured under the pwvisioaa o( the ~ Nationat Housing Act, an amount su[ficient lo accumulate in the hands o[ the holder o~e (1) month prior to its due ~ date the annual mortgage insur~nce premium, in order to provide such holder with funds to pay such premium to the ~ , Secretory of Housing and Urban Uevelopment pursuant to the National Houstng Act, as amended, rnd applicable Regu- ~ lations thereunder; or ~ (11) I( and so long as said note of even date and th~s iastrument are heid by the Secretaryr ot Housing and Urban Develop- ; ment, a monthly charge (in tieu ot a mortgage insurance premium) which shall be in an amount equal to one-tweitlh , (1 ' 12) ot one-half (~4) per centum o( the average outstanding balance due on the note computed ~vithout taking into account delinquencies or prepaymeMs; i {hJ A sum equal to the ground re~ts, i( any. ne:t due, plus the premiums that will ne=t become due and payable on policies ~ o( t~re and other hazard insurance covenng the mortgaged property, plus to:es and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums •lready paid therefor divided by thc number o[ months ` to elapse be(ore one month prior to lhe date wAen such grnund rents, premiums, ta:es, and assessments will become de- ~ l~nquent, such sums to be held by mortgagee in trust to pay said ground renls, premiums, ta:es. ¦nd special ossessments; and ~ All payments mentioned in the two preceding subsections of this paragraph and all payme~ts to be made under the note ; secured hereby shall be added together and the aggregate amount thereot shall be paid by the mortgagor each month in a ; ~ single payment to be appiied by the mortgagee to the [ollowring items in the order set torth: (I) premium ch~rges under the contract of insurance writh the Stcretary ot Housing aad Urban Developme~t, or monthiy charge (~n Iieu ot mortgage ~nsurance premium), as the case m~y be; (II) ground rents, taxes, assessments, (irc, and other h~zard insuraMe premiums; (111) interest on the note secured hereby; ond (IV) amortizat~on of the principal ot said note. ~ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the m~rtgagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2t) for each dollar (S1) of each pa~:nent more than fifteen (15) days in arrears to cover the entra expense involved in handling delinquent payments. 3. That if the totel of the peyments made by the mortgagor under (bJ of paragraph 2 precedi~ shall exceed ~ the amouM oE the paymerts actually rteade by the mortgagee, [or gFOUnd rents. taxes and assessments and ir~sur- ~ ance premiums.as the case may be, such excess at the option o[ the modgegee, shalt be credited on subsequent ~ payments to be made by the mortgagor, or refunded to the moctgagor. If. however, the monthly paymeds made by j ~ the mortg,agor under (b) of peragraPh 2 pffcediog shall nd be suffirient to pay gfound rents. taxes and assess- t = menLs ard insurance premiums, as the case may be, when the same shall become due a~ payable, then the mat- # ~ ~aga s6atl pey to the mo~tgagee any amouM necessary to meke up the deficiency, on oc befoce the date when pey- ~ ~ ment of such ground rents, taxes, assessments, os insurance premiums shall be due. It at any time the mortga• , ~ gor shall te~der to the mortgagee in accordance with the provisions ot the note secured hereby, full peyment -of the ; ~ entire irdebtedness cepresented thereby, the mortgagee shaU, in computirg the amount of such indebtedness, credit to the eccour~t of the mortgagor all payments made undec the provisions of (o) oE para~raph 2 hereoE whichthe , ~ mortgagee has not become obligated to pey to the Secretary of Housing and Urban Development and any balance ~ remaining in the funds accumulated under the provisions of (6) of said paragraph 2. If there shall be a defeuit un- der any of the provisions of this mortgage. resultinR in a public sale of the premises covered hereby. a if the ~ awrtgagee acquires the property otherwise after default. the moctgagee shaU apply, at the time of the commence- ~ ment d such proceedings or at the time the property is otherwise acquired, the balance then rema~ning in the funds . ~ accumulated under (bJ of paragraph 2 preceding as a ccedit against tbe amou~ of principal then remeining unpeid under said note and shall properly adjust any peyments which shall have been made under (o) of said pora6raph. ~ ~ , ~ ~ ~ ~~~K 194 2639 - ~ . . ~ ~ . ~ - - - - ~ w~ _ _ . ~